Pet Diabetes Care Devices Market size to exceed $2.7bn by 2025

Pet Diabetes Care Devices Market size is set to exceed USD 2.7 billion by 2025; according to a new research report by Global Market Insights, Inc.
 

Increasing technological advancements associated with insulin delivery devices will significantly drive the market growth. Moreover, growing number of companies operating in the pet diabetes care devices will further augment business growth across the forecast timeframe.

 

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Increasing prevalence of diabetes coupled with rising incidence of obesity among pets have augmented the importance and role of pet diabetes care devices

Growing incidence of obesity in companion animals is one of the major factors augmenting the market outlook. Obesity is a nutritional disease that is defined by an excess of body fat. Animals that are over nourished, lack the ability to do physical activities, thus have greater tendency to retain weight and become obese. Such pets have higher risk of developing diabetes. Obesity is the chief factor boosting diabetes prevalence in pets. Hence, increasing incidence of obesity will significantly augment the industry growth across the forecast timeframe.
 

Spending on pet healthcare in the U.S. continues to skyrocket

Increasing expenditure on animal health is one of the major factors stimulating market growth. It is estimated that the total pet expenditure in the U.S. held 66.7 billion in 2016. Out of which, veterinary care and counter medicine accounted for more than 30 billion. Primary reason behind growing pet healthcare expenditure is due to increase in the rate of pet adoption. Moreover, increasing concern of the owners regarding their pet’s health will significantly result in market expansion.
 

Browse key industry insights spread across 120 pages with 234 market data tables & 8 figures & charts from the report, Pet Diabetes Care Devices Market Share By Device Type (Glucose Monitoring Devices, Insulin Delivery Devices {Insulin Delivery Pen, Insulin Syringes }), By Animal Type (Cats, Dogs, Horses), By End-use (Veterinary Clinics, Home Care Settings, Veterinary Hospitals), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Denmark, The Netherlands, Japan, China, India, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia),  Price Trends, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/pet-diabetes-care-devices-market
 

Pet diabetes care devices industry demand will benefit from growing innovations associated with treatment solutions

Devices type segment includes glucose monitoring devices and insulin delivery devices. Insulin delivery devices are further bifurcated into insulin delivery pen and insulin syringes. The insulin delivery devices segment is estimated to witness stable growth of 8.8% across the projected timeframe. High growth is attributed to increasing technological advancements in such devices. For instance, traditionally, insulin syringes and vials were used as primary drug delivery devices for pet diabetes management. Novel innovations such as veterinary pens and glucose monitoring devices were later introduced by top players operating in the market. Hence, such innovations will considerably augment market growth across the analysis period.
 

Based on animal type, the pet diabetes care devices market is segmented into cats, dogs and horses. Cats segment is estimated to reach USD 1.2 billion by 2025. An alarming number of cats are developing diabetes mellitus across the globe. Moreover, if diabetes in cats is left untreated, it might lead to loss of appetite, weight loss, vomiting, dehydration, problems with motor function, coma and even death. Hence, increasing awareness among the population about such ill effects of diabetes have boosted product demand, thus augmenting market segmental growth.
 

End-use segment is divided into veterinary hospitals, home care settings and veterinary clinics. The home care settings segment is estimated to witness considerable growth of 9.1% across the market forecast period. Positive growth is majorly due to introduction of veterinary glucometers and insulin delivery pens that does not require professional training to operate. Hence, pet owners have the liberty to monitor glucose level of their pets with efficiency and precision. Thus, the aforementioned factor will positively contribute to segmental market growth.
 

Increasing pet healthcare expenditure in Japan will spur the demand for pet diabetes care devices market size

Japan pet diabetes care devices market share held revenue of USD 139.0 million in 2018 and will witness steady growth in the future. Positive growth rate is attributed to increasing pet healthcare expenditure in Japan. Moreover, increasing trend of pet adoption in the Asian countries is another major factor stimulating industry growth. Also, rising disposable income in the country is another significant factor contributing to the industry growth in Japan.
 

Leading industry players are focusing on acquisitions and mergers to capture larger market share

Few of the leading market players such as Zoetis, Merck, Ulticare, TaiDoc, Boehringer Ingelheim Vetmedica Inc., Becton, Dickinson and Company and Allison medical are dominating the overall pet diabetes care devices market. These companies are adopting various strategies such as new product launch, mergers and acquisitions to sustain the increasing competition. For instance, in February 2015, Zoetis completed its acquisition of Abbott’s Animal Health Assets. This strategic initiative enabled the company to strengthen its market presence in pet diabetes care devices business. 
 

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